ABFL offloads Mcleod Russel promoters shares in open market

Trouble mounted for B M Khaitan group's McLeod Russel India Limited as Aditya Birla Finance Limited has sold shares equivalent to 2.05 per cent of the paid-up capital in the open market pledged by promoters. The lender invoked and sold 21,42,339 equity shares of Rs 5 each in the open market between April 30 and May 3, one of the promoter company -- Woodside Parks Ltd informed the bourses on Thursday.

On May 7, rating of the bulk tea producer McLeod was downgraded with a negative outlook. Woodpark said after such sale, we hold 23,64,462 equity shares representing 2.2636 per cent of the paid-up capital of Mcleod.